Mikhail Babich: Bashneft will retain its name

UFA, 6 December 2016. /Bashinform News Agency, Artem Valiev/. Rosneft has purchased one of the best oil assets in the market in order to develop it. This was said on December 6 by the Presidential Plenipotentiary Envoy to the Volga Federal District Mikhail Babich at the press conference answering a question on Rosneft’s acquisition of controlling stake in Bashneft.

The Presidential Plenipotentiary Envoy also noted that the issue of the Bashneft brand changing apparently was not in question. "Bashneft will remain Bashneft, originally it was agreed upon", he said, adding that the company would now develop as part of the largest oil giant, not only in Russia but also worldwide.

"We have no doubt that as a result of this the Bashneft’s effectiveness will increase", said Mikhail Babich.

According to him, now Bashneft is going through an extensive revision and there are already some issues regarding the effectiveness of the previous management of the company. Conclusions will be made later.

With regard to its social obligations the Envoy assured that they would be preserved and possibly in the future would even grow.